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Nottingham BS and Ipswich BS announce 2017 results – Round-up

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  • 22/02/2018
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Nottingham BS and Ipswich BS announce 2017 results – Round-up
Nottingham Building Society has posted record results, while Ipswich Building Society has announced steady growth.

 

The Nottingham saw gross mortgage lending passing £1bn for the first time in the year ending 31 December 2017.

Overall, the Nottingham’s mortgage book grew by 11.6%, with the lender processing mortgage applications of £1.4bn – a 28% increase on 2016.

Group pre-tax profits also grew slightly from £14.2m in 2016 to £14.5m in 2017, with total assets stood at £3.9bn.

The building society also reported strong growth in savings, with total savings balances held with local branches at £2.1bn, up 8% in the year and more than doubling in the last five years.

And opened seven new branch locations over 2017, bringing the total network to 67 branches over 11 counties.

“After a year of strong progress and despite continuing uncertainty in the economic and political environment, we can be confident that we can move forward on our firm foundations,” said David Marlow, chief executive of the Nottingham.

He continued: “As technology improves, we believe that we can develop our unique proposition to work seamlessly between the world of face-to-face and digital service.

“2017 saw us commit to a multi-million pound investment to develop our digital capability to complement our growing physical presence. Customers and members will see the first step in this journey in 2018 as we replace our current web portals for intermediary mortgage business and online savings – making it even easier to do business with us.”

 

Ipswich

For the year ending 30 November 2017, Ipswich BS saw gross mortgage lending of £159m against £120m in 2016, while net lending grew from £23m in 2016 to £44m.

The total mortgage assets for the building society now stands at £521m, while savings balance grew £26m to £567m, compared with £541 in the year before.

Meanwhile, the number of mortgage applications jumped 17% to 1,181 from 1,011 in 2016.

The building society has also opened a new branch in Ipswich, and relocated an existing branch to new premises in Woodbridge, taking the total branch number to nine.

A number of board changes took place throughout the year, including the appointment of non-executive director Steve Liddell, the retirement of Derek Bowdown and Sarah Evans, who completed her maximum nine-year term as chair.

Evans has been replaced by Alan Harris as chair.

Harris commented: “Against a backdrop of change in the UK’s financial sector we maintained a strong and consistent level of performance in 2017.

“Our model remains simple – to provide a safe home for savers and to use these funds to provide low risk mortgages to UK borrowers – and we are pleased to reaffirm our commitment to our branch network which is enabling this to happen with a high level of personal service.”

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